Catalyst Pharmaceuticals files regulatory disclosures that document material events for its rare-disease biopharmaceutical business and Nasdaq-listed common stock. Recent Form 8-K and 8-K/A filings cover operating results and business updates, Regulation FD presentation materials, press-release exhibits, and capital-structure matters including a board-authorized share repurchase program.
The filings also record company-specific legal and intellectual property disclosures, including FIRDAPSE Orange Book patent litigation, amendments to prior material-event reports, and settlement-related corrections. These documents tie formal disclosures to Catalyst’s commercial products, governance actions, exhibit filings, and public-company reporting obligations.
Catalyst Pharmaceuticals reported first quarter 2026 total revenues of $149.4 million, up 5.6% from $141.4 million a year earlier, driven by growth in key rare-disease drugs. Net product revenue from FIRDAPSE rose 18.1% to $98.9 million and AGAMREE revenue jumped 66.6% to $36.7 million, while FYCOMPA declined 61.3% to $13.8 million.
GAAP net income increased to $63.7 million ($0.50 diluted per share), with non-GAAP net income of $100.3 million ($0.79 diluted per share), reflecting margin expansion and lower cost of sales. Cash and cash equivalents reached $755.9 million with no funded debt as of March 31, 2026. The company stated it will not provide forward-looking guidance or host an earnings call for this quarter.
Catalyst Pharmaceuticals reported solid first-quarter 2026 results with continued profitability and strong cash generation. Total revenues were $149.4 million, up from $141.4 million a year earlier, driven by higher FIRDAPSE and AGAMREE sales, partly offset by lower FYCOMPA revenue.
Net income rose to $63.7 million, with diluted earnings per share of $0.50. Operating income reached $73.2 million, supported by disciplined R&D and stable SG&A spending. Cash from operating activities was $59.6 million, lifting cash and cash equivalents to $755.9 million and total assets to $1.15 billion as of March 31, 2026, with minimal debt-like obligations.
The business remains highly concentrated in three rare-disease and neurology products—FIRDAPSE, AGAMREE and FYCOMPA—with one major U.S. distributor accounting for about 90% of product revenue. The company also highlights strong patent and licensing positions, including settlements that delay FIRDAPSE generics into the 2030s. After quarter-end, Catalyst signed a definitive merger agreement to be acquired by Angelini Pharma, which would turn Catalyst into a wholly owned subsidiary, marking a major strategic shift for shareholders.
Catalyst Pharmaceuticals agreed to be acquired by Angelini Pharma in an all-cash deal. Angelini will buy all outstanding Catalyst shares for $31.50 per share, valuing the company at approximately $4.1 billion, a 21% premium to Catalyst’s unaffected April 22, 2026 closing price and a 28% premium to its 30-day average.
A wholly owned Angelini subsidiary will merge into Catalyst, which will become a private, wholly owned subsidiary. The transaction has been unanimously approved by both boards and is expected to close in the third quarter of 2026, subject to a stockholder vote, antitrust clearance and other customary conditions. The merger has no financing condition, with Angelini planning to use cash and debt.
The merger agreement includes a termination fee of about $155.5 million payable by Catalyst to Angelini in specified circumstances, including acceptance of a superior proposal. Catalyst’s directors and executive officers signed voting agreements to support the deal. Separately, Catalyst and SERB settled patent litigation with Hetero over generic FIRDAPSE®, with Hetero barred from U.S. sales of its generic before January 2035, resolving all pending FIRDAPSE patent cases.
Catalyst Pharmaceuticals agreed to be acquired by Angelini Pharma in an all-cash deal. Angelini will buy all outstanding Catalyst shares for $31.50 per share, valuing the company at approximately $4.1 billion, a 21% premium to Catalyst’s unaffected April 22, 2026 closing price and a 28% premium to its 30-day average.
A wholly owned Angelini subsidiary will merge into Catalyst, which will become a private, wholly owned subsidiary. The transaction has been unanimously approved by both boards and is expected to close in the third quarter of 2026, subject to a stockholder vote, antitrust clearance and other customary conditions. The merger has no financing condition, with Angelini planning to use cash and debt.
The merger agreement includes a termination fee of about $155.5 million payable by Catalyst to Angelini in specified circumstances, including acceptance of a superior proposal. Catalyst’s directors and executive officers signed voting agreements to support the deal. Separately, Catalyst and SERB settled patent litigation with Hetero over generic FIRDAPSE®, with Hetero barred from U.S. sales of its generic before January 2035, resolving all pending FIRDAPSE patent cases.
Catalyst Pharmaceuticals, Inc. filed Amendment No. 1 to its 2025 annual report to include Part III information on directors, executive officers, corporate governance, executive compensation, security ownership, and auditor fees. The company confirms the amendment adds no new financial statements and does not change previously reported results.
The filing details 2025 pay-versus-performance data, showing net product revenue of $588.8 million and net income of $214.3 million, and discloses a 2025 CEO total compensation of $8.18 million with a CEO pay ratio of 26:1. It also describes the 2018 Stock Incentive Plan, including outstanding stock options and restricted stock units, and outlines governance policies such as the code of ethics, insider trading policy, and board committee structures.
Catalyst Pharmaceuticals Inc Schedule 13G/A amendment shows The Vanguard Group reports zero beneficial ownership of Common Stock as of the filing, with 0 shares and 0% of the class. The amendment notes an internal realignment at Vanguard and that certain subsidiaries now report ownership separately in reliance on SEC Release No. 34-39538.
Catalyst Pharmaceuticals, Inc. filed an amended current report to correct a scrivener’s error in the signature date of a previously submitted report. No other changes were made.
The company also notes that a federal court in New Jersey has delayed the start of a bench trial with Hetero USA, Inc. concerning the validity of its Orange Book-listed FIRDAPSE® patents, which expire in 2032, 2034, and 2037, moving the trial start from March 23, 2026 to May 18, 2026.
Catalyst Pharmaceuticals, Inc. reports that a federal court has postponed the start of its pending patent bench trial against Hetero USA, Inc. The District Court for the District of New Jersey rescheduled the trial from March 23, 2026 to May 18, 2026.
The case concerns the validity of Catalyst’s Orange Book-listed patents covering FIRDAPSE, which currently expire in 2032, 2034, and 2037. The filing does not change the claims themselves, but indicates the timetable for resolving this patent dispute has been extended by nearly two months.
Catalyst Pharmaceuticals reported record 2025 results, with total revenues of $589.0 million, up 19.8% year over year, and GAAP net income of $214.3 million. Growth was led by FIRDAPSE product revenue of $358.4 million, up 17.1%, and AGAMREE revenue of $117.1 million, up 154.3%, while FYCOMPA revenue declined 17.4% to $113.3 million as generics entered the market.
Cash and cash equivalents rose to $709.2 million as of December 31, 2025, helped by strong profitability, partially offset by $25.3 million of share repurchases. For 2026, the company guides total revenues to $615–$645 million, with higher expected sales from both FIRDAPSE and AGAMREE and a sharply lower FIRDAPSE U.S. royalty burden, as the overall upstream rate drops to 6% beginning January 26, 2026.
Catalyst Pharmaceuticals describes a commercial-stage rare disease business built around three neurology products: FIRDAPSE for Lambert‑Eaton myasthenic syndrome (LEMS), AGAMREE for Duchenne muscular dystrophy (DMD), and FYCOMPA for epilepsy. The company emphasizes patient-support infrastructure through its Catalyst Pathways program and extensive field, medical, and reimbursement teams.
Catalyst reports approximately $709.2 million in cash and cash equivalents as of December 31, 2025 and believes this supports operations for at least the next 12 months. A share repurchase program authorizes up to $200 million of buybacks through December 31, 2026; by February 23, 2026, it had repurchased 1,740,713 shares for about $39.9 million.
The filing details settlements with several generic challengers to FIRDAPSE and ongoing Paragraph IV litigation with Hetero covering patents expiring between 2032 and 2037, alongside upcoming loss of orphan exclusivity in November 2025. For AGAMREE, Catalyst outlines a North American license with Santhera, including a $75 million upfront payment, a $36 million FDA‑approval milestone, and additional sales‑based milestones after 2025 net product revenue exceeded $100 million. FYCOMPA’s main patents expire by July 1, 2026, and multiple generics are already on the market, leading Catalyst to cease active marketing after December 31, 2025 while continuing to sell both tablets and oral suspension.
Catalyst Pharmaceuticals Chief HR Officer Gregg Russo reported equity compensation activity. On February 17, 2026, 687 restricted stock units vested and converted into an equal number of common shares at $0.00 per share. Of these, 211 shares were withheld to cover taxes, leaving 476 shares delivered. The derivative award vests in five equal annual tranches each February 13 from 2026 through 2030, with shares required to be delivered within sixty days of vesting.